Frank Skinner, the comedian, lost millions of pounds after being persuaded to invest in AIG, the giant insurer that had to be bailed out by the US government.

The TV and radio presenter was forced to re-evaluate his life when a substantial chunk of his wealth was wiped out as the insurer recorded massive losses.

Recalling the experience on BBC Radio 4's Desert Island Discs, he said: "I was a victim of the credit crunch. I had been persuaded by my personal bankers that AIG was a very, very safe place to put my life savings.

"And AIG, as you may remember, had a bit of a hard time so there was a period when I thought I had lost it all."

When asked how much he had lost, he replied: "It's a lot. It's a few million. I can't believe I said that. I'm a millionaire for God's [sake]. Well, I was."

"The first night I thought I had lost it all, I went home and I said to my girlfriend, 'look, a bit of bad news, I think I might be broke' and she said, 'You know we'll be all right. You can still get work. You can go back and do the clubs, we can move to a smaller place.'